A report from DiJones indicates that there is unprecedented demand for properties, especially from buyers who are adjusting to changes brought on by the ongoing pandemic.
DiJones CEO Dean Mackie said the real estate market reacted unexpectedly amid the COVID-19 pandemic, triggering a shift in homebuyer's preferences.
“A desire for lifestyle change became possible through flexible working arrangements,” he said.
Mr Mackie said the trend was apparent in parts of New South Wales, notably the Lower North Shore in Mosman and Burradoo and Bowral in the Southern Highlands, where demand for family homes has increased .
"People preferring the lifestyle over proximity to the city saw the Central Coast market buzzing with shoppers," Mr. Mackie said.
“The seaside suburbs of Terrigal, Wamberal and Avoca Beach experienced strong growth and the area, five minutes from the beach, was in demand. "
Other suburbs like Bronte, Tamarama and Clovelly are also currently popular among families looking for accommodation.
Woollahra, Paddington, Darlinghurst, and Surry Hills have also seen increased demand since the start of the year.
Price gains unperturbed by the pandemic
According to the latest report from the Real Estate Institute of Australia, house prices rose 18.4% per year in the first six months of the year.
The report showed that major regional centers and coastal areas continued to attract buyers fleeing the city, people who moved interstate and repatriated Australians.
The regions of Queensland were among the best performers during the period, with the Sunshine Coast recording a gain of 27% and the Gold Coast of 21.4%.
JPM Valuers Director Jason Matigian said changing sea and tree trends have resulted in about 25% annual growth in regional markets.
“A coastal way of life has become extremely important. There has been a significant increase in some coastal towns. We have seen these lifestyle properties really rise in value, ”said Mr. Matigian.
What buyers want in a home
Mr. Mackie said recent closures have allowed homebuyers to sort out their priorities when looking for the "right home"
"Properties with studios, offices, large gardens and swimming pools, which support the balance between work from home and lifestyle, are at the top of the wishlist as buyers refine their search criteria", did he declare.
"The prestige mid-range market in particular has the potential to thrive due to the strong interest from those looking to modernize and homes with renovation opportunities have been sought after after the previous fiscal year and could be again. "
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